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#forexbreakfast focus commodity (eng)

After three weeks down, the Bloomberg Commodity Index closed up 0.1% last week. The general trend was quite positive, except for the energy one that has closed with a -5%.

Decisive for the energy sector was the US Natural Gas drop, down by 13.3%; Russia confirmed greater supplies to Europe, reducing fears about global stocks. In addition, the favorable climate in the US is mitigating demand alongside higher production.

Bad week for brent and derivatives. Pressures by the US Congress continue on President Biden to sell part of the strategic reserves. Non-ferrous Industrial metals + 3.3%. According to rumors, the Chinese authorities could restrict the restrictive measures on the real estate sector. Aluminum + 5.8%, iron -3.4%, weighs the decline in Chinese production.

Precious metals + 3.5%. Gold has returned to rise, in view of inflation and stagflation. Silver, palladium, and platinum also rose.

Agricultural sector + 4.1%. Arabian coffee + 7.5% at the highest for 7 years. Wheat + 6.3%, after a downward revision of global inventories and increasing global demand.

 

Brent

Without significant movements, it remained a little unchanged from the previous week. The supports monitor remain at 80.20 and 78.25. A test of these supports is likely, given the negative divergence on the weekly oscillator still present. Remember that as long as prices are above the support at 73.85, the trend will be considered to be up.

Gold

Last week gold broke the bearish trendline that started from the 2020 highs. Both oscillators are overbought, but there are currently no divergences. The resistance levels to monitor are at 1872 followed by 1919 and 1963. To confirm the signal of strength, the prices must remain above the bearish trendline that started in 2020, which this week passes 1830.

Copper

Returned to the highest levels since the end of October. The resistance at 9814 is to monitor because exceeding it would be a signal of strength with a possible target of 10242. The oversold on daily stochastic is losing strength. The supports to monitor remain 9300 and 8992.

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